Market Structure Insights

December 13, 2017

In New York City, it’s beginning to look a lot like Christmas around Rockefeller Center and it feels more like it here than in Denver where we hear yesterday it was 66 degrees (on Dec 12!). In the weather forecast today is a probable Federal...

December 6, 2017

A day ski pass to Vail will now set you back $160-$190. It’s rich but I’m glad the SEC isn’t studying skiing access fees. It is however about to consider trading access fees and you should know, public companies and investors. These are the gears...

November 29, 2017

In the past week as stocks jetpacked higher, Passive Investment was 36% of trading volume. The data counter a message Passive managers like Blackrock are propagating: We don’t trade, we just follow stock-pickers. That’s not just untrue. It contradicts basic facts. Let me explain using...

November 22, 2017

About 60% of US trading takes place on stock exchanges, the other 40% in private broker-operated markets. Should you be worried that nearly half of trading isn’t transparent? It’s Thanksgiving week so there’s no need for worry! We’re in Vail marking the occasion because everything...

November 15, 2017

We’re in New York this week while companies gather in Dallas for the annual NAREIT conference, the association for real estate investment trusts. Real estate is about 3% of the S&P 500. By comparison, Technology is 23%, the largest by a wide margin over healthcare...

November 8, 2017

We’re in San Francisco at the NIRI meeting, warming up with winter coming to Denver and as summer carries airily on in stocks. What metrics do you use to evaluate your own shares, investor-relations folks, or ones you own, investors? I don’t mean fundamentals like...

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